« Top Headlines » Open DEMAT Account in 24 hrs  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session) «  Builders may get tax sops for housing poor... I-T dept to contest ITAT order in Maya gift case... » Govt mulls tax cut on rental income for aged January, 21st 2008 Budget 2008 may bring cheer to senior citizen who let out their property on rent. The government is considering a proposal to exempt tax on rental income for senior citizens. At present, every age group enjoys tax exemption of 30% on rental income. Sources said since senior citizens own only a minority of the houses that are offered on rent, it would not put too much pressure on the exchequer if the proposal is implemented and hence, stands a good chance of approval. The National Housing and Habitat Policy has also recommended an increase of the tax exemption limit for rental income. The policy was cleared by the Cabinet in November. The ministry of urban housing and poverty alleviation is of the view that the proposal if cleared in the budget would unlock several millions of houses for rental accommodation. The ministry has also mooted a proposal to increase the tax exemption limit from 30% to 50% in case for all rental earnings. According to government estimates, around 16 million houses in the country which are unoccupied can come into circulation. Last year, the government announced levy of service tax on commercial properties. If the proposal to increase the floor for tax concession on rental income goes through it can become a revenue neutral exercise for the Centre.